A majority of investors appeared to rebuff Santander’s invitation to tender their euro securities, the results of its buyback showed this week. Take-up on the sterling and dollar securities being targeted was a little better.

15 Mar 2013

The Spanish national champion purchased just 2% of the total outstanding euro-denominated securities it was targeting, as well as nearly 8% of the sterling and just over 10% of the dollar notes eligible for tender.

The bank targeted 14 series of lower tier two notes in sterling and euros,
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